Rate Mortgage Review 2025

Rate overview

Chicago-based Rate — formerly known as Guaranteed Rate — has been in business for 24 years. In addition to offering mortgage applications online and via its mobile app, Rate has more than 400 branches in all 50 states and Washington, D.C. The lender originates conventional loans and government-backed options, and offers the ability to refinance a current mortgage.

Pros and cons of Guaranteed Rate Mortgage

How Bankrate scored Rate

Affordability: 5/5

Because of its competitive rates and low-down-payment options, Rate scored 5 out of 5 stars for affordability. 

• Interest rates: Rate’s mortgage rates are competitive and slightly below Bankrate’s averages as of this writing. If you’re comparing the updated rates on the company’s website, keep in mind that rates for conventional loans assume a 760 credit score, while FHA and VA loans assume a 680 credit score. 
• Down payment: Rate accepts a down payment as low as 3 percent for conventional loans and 3.5 percent for FHA loans. Eligible service members and veterans can take advantage of no-down-payment VA loans.
• Fees: Rate doesn’t share an itemized list of lender fees, but most loans appear to have an origination fee of $1,500, as noted on the lender's closing costs calculator tool.
• Closing costs: With Rate, you can expect to pay typical closing costs, such as an appraisal fee and title insurance. The company’s closing cost calculator can help estimate your full tab.

Availability: 5/5

Because of its range of mortgage options and nationwide footprint, Rate earned a perfect 5 out of 5 stars for availability.

• Home loans offered: Rate offers a loan program that can fit almost any type of buying need. In addition to common options such as FHA loans, VA loans and conventional loans, the company offers non-QM options for borrowers who may have trouble meeting qualification standards.
• Footprint: Rate is licensed to lend in all 50 states.
• Where to find: The company offers applicants the best of both worlds: a digital application process paired with more than 400 branch locations for anyone who prefers in-person assistance.

Borrower experience: 3.6/5

While Rate’s application process is fast and easy, the company’s lack of transparency about fees and weekend customer support dings its score, earning the lender 3.6 out of 5 stars for borrower experience.

• Application and preapproval process: Rate prides itself on a fast application process, which takes as little as five minutes online or via the company’s mobile app. 
• Transparency: Rate publishes average rates online, which sets it apart from many competitors that require you to share contact information to learn about rates. However, the company’s website is light on information about its fees and borrower requirements for some loans. 
• Customer service: The company offers customer support Monday through Friday between 8:30 a.m. and 7 p.m. CT. Rate uses a virtual assistant on its website to help answer common questions. If you want to speak to a loan officer, you can schedule an appointment.

Rate reputation

Rate is accredited by the Better Business Bureau and has an A+ rating from the organization. However, the company scored below average in the 2024 J.D. Power mortgage origination satisfaction study.

What consumers say about Rate

On Bankrate, borrowers gave mostly positive reviews of Rate, with many describing their experience with the lender as “fast," “easy” and “professional.” Many also cited that the lender honored its loan terms and that loan officers were “friendly” and “knowledgeable” throughout the process. However, a few borrowers expressed frustration with the lender conducting more than one credit check and poor communication with their loan officer. 

Rate special offers

PowerBid Approval

Rate offers a program that lets sellers know the company has signed off on full loan underwriting, which can make your offer on a home look more compelling, especially when competing with all-cash offers. The approval lasts for 90 days and is renewable, so you have time to find the right house.

Same Day Mortgage 

Rate’s ability to offer full approval in one business day is a valuable benefit for buyers who are primarily focused on speed. This offering can be particularly helpful to those buying in hot real estate markets. The lender also states that it can close on your home in as few as 10 days.

Refinancing with Rate

Rate offers both rate-and-term and cash-out refinancing options. While you can compare refinance rates on the lender's website, Rate doesn’t share its refinance fees, as these vary by borrower. However, Rate provides a calculator tool to help you estimate your new payment and break-even point. 

How to apply for a mortgage with Rate

The easiest way to apply for a loan with Rate is on the company’s website. The application is quick and takes about five minutes to complete. Be prepared to submit financial documentation, including recent pay stubs, W-2s, bank statements and any other income paperwork.

If you don't know where to start or have questions about the application process, call 866-934-7283. You can also use the company’s website or app to find a loan officer near you for face-to-face help.